India and Australia are Indo-Pacific partners with a shared vision for a resilient, inclusive, open region. In FY23, India was Australia's 9th largest trading partner, and Australia was India's 13th largest trading partner. Major exports to Australia include petroleum products, engineering goods, Drugs and Pharmaceuticals, textiles and apparels, and gems and jewellery.
The relationship between Australia and India has developed rapidly in recent years, particularly under the impetus of India’s far-reaching process of economic reform and the resulting rapid globalization of the Indian economy. Both countries have grown in strength and importance and made rapid strides in all areas - trade, energy and mining, science & technology, information technology, education, and defence. The year 2022-23 saw increasing depth and breadth of engagements in the bilateral, trilateral and plurilateral formats, with progress made on various initiatives including establishing new mechanisms for cooperation. In the coming years, the overall relationship between India and Australia will continue to grow and has the potential to assume greater prominence.